Council gives final approval to Dynamo Stadium deal

With two unanimous votes at City Council on Wednesday, the Dynamo cleared the last public hurdles they need to build their new stadium on the East End.

“I think it’s a very important step in the right direction and brings us much closer to finalizing all the pieces to the puzzle,” Dynamo president Chris Canetti said. “Our organization is very thankful to both the city and the county’s elected officials on the support of this project.”

The Dynamo will hold a groundbreaking ceremony Saturday from 2-4 p.m. It was originally scheduled for last Saturday, but was postponed for a variety of reasons, including a potential conflict with the Houston Marathon.

The Dynamo are investing $60 million of the cost to build the $95 million stadium. On Wednesday, Council approved what is estimated to be a $3 million rebate for the Dynamo over 30 years on projected sales tax. Council also approved the Tax Increment Reinvestment Zone (TIRZ) that is part of the inter-local agreement between the county and city.

Apparently, the rebate deal didn’t cause any particular heartburn on Council, so either they had some idea it was coming or decided it was OK regardless. Congrats to the Dynamo, and I hope things warm up a bit for them before the groundbreaking.